China’s gold market showed strong performance in March 2025, with benchmark prices surging over 8% and concluding an unprecedented first quarter.
While wholesale demand fell 36% year-over-year due to weakness in January and February, March saw a rebound in Shanghai Gold Exchange withdrawals.
Chinese gold ETFs attracted ¥5.6 billion in new investments, pushing total holdings to 138 tonnes.
The People’s Bank of China continued its gold reserve additions for the fifth consecutive month, though gold imports remained tepid during the first two months of the year.